Econ 213 quiz 2

Econ 213 quiz 2

38/40

1. Use the production table data below to answer the question The farmer and the rancher both could benefit if the farmer were to specialize in—potatoes and the rancher were to specialize in meat.

2. Which of the following best describes the implications of the law of comparative advantage? If each person--- total output available to each person can be expanded by specialization and exchange

3. Given your knowledge of the incentives create by private ownership, which of the following would you expect--- people will be more likely to throw trash out onto their own lawn than they will be to throw it out onto the side of

4. Which of the following would be mutually agreeable rate of exchange? 1F=2c

5. The number of cattle slaughtered every year for meat far exceeds the number of elephants slaughtered every year for their ivory. Despite in some countries. Which of the following best explains this difference? Cows can be privately owned while in many countries elephants can not.

6. Which of the following is true? The value of a good generally depends on who uses it and circumstances such as when and where it is used.

7. Which of the following is true with regard to value and exchange—transaction costs reduce our ability to gain from potentially advantageous trades.

8. Over time, an increase in a national stock of physical capital will- shift the production curve outward

9. Got wrong I put economy B --- is a curve picture

10. According to the law of comparative advantage- both avokia and baldonia could gain if—avokia specialized in producing apples, balondia specialized in producing oranges and they traded.

11. In Europe during the 14th century, the black plague killed 24 million people or close to 37 percent of the population. How would this affect—the production possibilities curves for these countries would have shifted inward.

12. Middlemen, such as grocers, stockbrokers, and realtors- specialize in reducing transaction costs.

13. When the production possibilities curve is bowed out, resources are- not equally suited to the production of both goods.

14. Don can produce 10 pens or 20 pencils in one hour while bob can produce 15 pens or 5 pencils in one hour. Which of the following statements--- bob has a comparative advantage over Don in the production of pens.

15. Hutch technology makes computer monitors, which sells for $500 each. What is the opportunity cost of producing ten monitors? The other goods that can be produced with the resources that produce ten monitors

16. A production possibilities curve graphically represents the maximum quantities of 2 products produced when all resources in the economic--- is using its resources inefficiently.

17. Savannah is an attorney and also an excellent typist. She can type 120 words per minutes but charger attorney feeds at $80per hour…. Matt should do the typing provided he is willing to do so for less than $40 per hour.

18. Rebecca decides to buy a dress that Hillary has for sale—they agree on a price of $20.which of the following best describes who gains--- both parties expect to gain from this transaction.

19. John takes 10 minutes to iron a short and 20 minutes to type a paper. Henry takes 10 minutes to iron a shirt and 30 minutes to type a paper—harry has a comparative advantage in ironing.

20. Which of the following is private owner prohibited from doing—using the property in a manner that invades or infringes on the property of another.